Cairn sees 1b barrels in Indian oil field
AFP, London
British oil exploration firm Cairn Energy, which has announced a series of oil discoveries in India, said Tuesday that oil in place in the Mangala field was estimated to reach one billion barrels, with recoverable reserves of 100-320 million barrels. The on-shore field, located in onshore northern Rajasthan, was assessed by independent auditor DeGolyer and MacNaughton. Appraisal of the Mangala field has been completed following the discovery in January, and the final appraisal well on another field, known as N-A, is being tested, Cairn said. Both the Mangala and N-A fields are planned to come on stream at between 60,000 and 100,000 barrels of oil per day in the fourth quarter of 2007. “Cairn's fortunes and prospects have been transformed through major exploration success in Rajasthan," said chief executive Bill Gammell.
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